Elliott waves analysis – We’re still long

GBPUSD – Flat

We're still long

Wave Analysis:

Perfectly as previously forecasted, the cable extended massively to the upper side and is showing signs of rising even further. A key daily support can be seen at 1.3855, and as long as this level protects the lower side we expect a possible bullish price movements with an ultimate target at 1.4730. However, a break below 1.3855 may push the price to the lower side with an ultimate target at 1.3500. This pair should be traded alongside GBPHKD, GBPSGD, GBPMXN and EURUSD. These pairs have a strong positive correlation of up to +62% and will move in the same direction today.

Trade Recommendations:

Remain long with an ultimate target at 1.4730

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